ICX Price Analysis - August 24, 2018

At the time of writing, ICX price against BTC is currently at 0.0001033 (1033 for short).

In a way that is opposite to many coins in the market, ICX formed a low around August 15th and has since been on a visible uptrend, even after retracing from the high of August 18th. This low that we saw on the 15th was actually BELOW the open price when ICX first started trading on Binance, so it had more than 100% retracement. With that in mind, an uptrend like the one ICX is currently seeing can be considered a very good sign (pending overall market developments, of course). Overall if you fundamentally believe in ICX, now might be a good time to look into a potential entry point, as this currently has the signs of a decent bounce. Of course, the next thing we want to see long-term is a break above that downtrend line indicated on the daily chart below.

Let's go back to the hourly chart now (the open price when it started trading back in 2017 is indicated in RED)

Right now for us to be bullish on ICX it doesn't matter as much on whether or not it stays above that red line, what matters most if it can hold the uptrend line it has already formed. If that dynamic uptrend doesn't hold, unfortunately the next level we'd look at for support and a potential bounce would be around 880 or so.

On the upside, and if ICX manages to hold the dynamic and real support lines, next resistance up it would have to face would be at around 1075 or so. A break above that would be a good sign, but ideally we would then hope ICX takes a breather and consolidates a bit before gathering enough momentum to test 1160 as it got horrendously rejected from there the last time.

All in all though, if you believe in ICX and the work the project is doing, there is reason to be cautiously optimistic.

On the daily chart for ICX, technical indicators give a bearish outlook (12 sell, 10 neutral, 4 buy)

On the weekly chart for ICX, technical indicators also give a bearish outlook (10 sell, 4 neutral, 3 buy)

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